Money cannot simply vanish from an exchange, even if that exchange trades in Bitcoin and was at one point a venue for exchange of magic cards. Japanese and other press reports say that the prosecutors in the region have leveled embezzlement charges against Mark, the French-born founder of the MtGox exchange.
MtGox initially founded as a trading venue for magic cards, transitioned into bitcoin
Karpeles is alleged to have lifted nearly $2.6 million from MtGox investors who used his exchange to buy, sell and transfer ownership rights into the “digital currency.”
MtGox was originally started as an exchange for magic cards, as the name of the firm is an acronym for Magic, the gathering online exchange. It was only later that the firm adopted its new bitcoin exchange identity.
Much like an online gamer might strap on a new gaming handle, MtGox shed its playing card past and hopped on the Bitcoin bandwagon. This bandwagon led to the unexplained loss of $341 million without much in the way of accountability or answers for those concerned. had previously noted the appearance of fraud at the start of 2015, and later the apparently unstable nature of Karpeles.
Long and winding road for MtGox bitcoin investors started in February
The long and winding road for Karpeles, from a public perspective, started on February 7, 2014. This is when MtGox “temporarily suspended withdrawals” of the digital currency due to “technical problems,” we reported. At that time the exchange claimed that an "increase in the flow of withdrawal requests" resulted in technical problems, resulting in putting the exchange "in a static state" in order to address the issues.
According to Jiji Press, Tokyo police served a federal warrant on Karpeles, who was said to have moved money into his own account, “promising” to pay it back at a later date. He also purchased 3D-rendering software for the company with customer funds, which is a criminal offense, as well as purchasing an “expensive custom-built bed” using customer money. The legal documents claim Karpeles increased his account by $1 million after accessing the computer system. The Yomiuri Shimburn newspaper had reported that a company insider was responsible for the vast majority of the missing funds, not a “hacker” as was initially claimed by those associated with the company.
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